The federal government contributed $200 million US on Friday toward a $1.5-billion US program to spur drug companies to develop vaccines against pneumonia and meningitis for children in the world's poorest nations.

The project, called the Advanced Market Committment, is funded by Canada, Italy, Norway, Russia and Britain. It aims to save at least 5.4 million children by 2030.

"Today’s announcement builds on Canada's proud tradition of assisting developing countries through improved health care and a higher standard of living," Finance Minister Jim Flaherty said in a statement Friday.

"Vaccination has been clearly shown to be one of the most effective ways to fight infectious diseases around the globe, and this initiative has the potential to save millions of lives."

Flaherty was in Rome for the announcement, where he was joined by World Bank president Paul Wolfowitz, project sponsor Queen Rania of Jordan and finance ministers from other participating countries.

"Such vaccines are urgently needed to prevent millions of human beings, including countless children, from dying each year from infectious diseases," said Pope Benedict, who greeted the ministers at his private library in the Vatican.

The Pope praised the plan for being "inspired by that spirit of human solidarity which our world needs in order to overcome every form of selfishness and to foster the peaceful coexistence of peoples."

The vaccines must meet standards for safety, efficacy and cost-effectiveness.

The pneumococcal part of the project is estimated to cost $1.5 billion US and run for about 10 years, with the first vaccines expected to be bought starting in 2010.

Worldwide, pneumococcal diseases kill more than 1.6 million people each year.

With files from the Associated Press